Bitcoin Cash Chart Analysis: Downside appears compelling amid bearish crossover


  • BCH/USD consolidates the sharp sell-off to $277.
  • No. 5 coin remains exposed to downside risks in the near-term.    
  • Hourly RSI inches lower below the midline, with bearish HMAs crossover.

After a volatile session witnessed on Friday, Bitcoin Cash (BCH/USD) is consolidating in a $10 narrow range, as the bears gear up for the next push lower. The No. 5 coin rallied as high as $326 on Friday before seeing a sharp sell-off to $277, although managed to settle above the $300 level. The digital asset has stalled its recovery momentum in a quiet Saturday trading so far, keeping its range around $303. Despite the pullback, the spot sheds over 5.50% over the last 24 hours, enjoying a market capitalization of $5.60 billion.

BCH/USD: Hourly chart

fxsoriginal

As observed in the hourly, the coin continues to range in a broadening pattern since last Sunday, with the downside bias more compelling after the price faced rejection on several occasions at the upper trendline boundary of the pattern.  

More so, the 21-hourly Simple Moving Average (HMA) has pierced the 50-HMA from above, suggesting that the bears are likely to retain control in the near-term.

Therefore, a break below the powerful support at $299 is critical for further declines. That level is the confluence of the horizontal 100 and 200-HMAs.

Entry for the sellers below the latter will open floors towards lower trendline boundary at $277, which is coincides with Friday’s low. The hourly Relative Strength Index (RSI) points south below the midline, suggesting more weakness ahead.

BCH/USD: Additional levels to consider

BCH/USD

Overview
Today last price 302.6188
Today Daily Change 0.1096
Today Daily Change % 0.04
Today daily open 302.4992
 
Trends
Daily SMA20 271.4474
Daily SMA50 246.6976
Daily SMA100 245.238
Daily SMA200 272.6663
 
Levels
Previous Daily High 326.5666
Previous Daily Low 277.9748
Previous Weekly High 338.2532
Previous Weekly Low 244.1306
Previous Monthly High 306.6192
Previous Monthly Low 215.8202
Daily Fibonacci 38.2% 296.5369
Daily Fibonacci 61.8% 308.0045
Daily Pivot Point S1 278.1271
Daily Pivot Point S2 253.7551
Daily Pivot Point S3 229.5353
Daily Pivot Point R1 326.7189
Daily Pivot Point R2 350.9386
Daily Pivot Point R3 375.3107

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin ready for bullish continuation as crypto bull cycle pauses

The cryptocurrency market has taken a hiatus after a gruesome week of overbearing declines. Bitcoin failed to break the resistance at $52,000 but headed south, resting the support at $45,000.

More Bitcoin News

XLM on the brink of a 45% collapse, shows technicals

Stellar price already had a significant 50% sell-off from its top of $0.60 but the bears could be eying up even more. There is a lot of downside potential for XLM as several indicators show it could be poised for another leg up.

More Stellar Lumens News

LTC whales go into a buying spree, eying up $260

Litecoin price remains bounded inside an ascending parallel channel on the 12-hour chart after a significant sell-off from $247 down to $157. It seems that LTC whales have taken advantage of the recent dip to buy even more.

More Litecoin News

DEXTF Protocol launches incentivization program on SushiSwap offering 376% APY

DeFi users will be able to generate massive returns as the SushiSwap Onsen protocol is about to offer a new incentivization program developed by DEXTF Protocol. 

More Sushi News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP